World Elder Abuse Awareness Day

World Elder Abuse Awareness Day (WEAAD) is observed every year on June 15. The day was established in 2006 by the International Network for the Prevention of Elder Abuse and the World Health Organization (WHO) to raise awareness of the many ways older adults may experience abuse and neglect. It highlights the importance of recognizing and addressing these issues, educating communities about how to prevent elder abuse, and promoting the well-being and safety of older individuals.

Protecting Our Elders: Understanding and Preventing Financial Exploitation

In addition to physical, emotional, and psychological abuse, elders may be taken advantage of or mistreated through financial exploitation. In fact, it’s one of the most harmful forms of abuse older adults can face. This kind of abuse can take away their money, independence, and dignity, leaving them vulnerable and struggling to support themselves.

What is Financial Exploitation?

Financial exploitation involves the illegal or improper use of a person’s funds, property, or assets. Every year, millions of older Americans lose money to financial frauds and scams. Here are some of the ways elders may experience financial exploitation:

• Scams and fraud: Elders may fall victim to scammers who contact them through the phone, computer, email, text, and more. Many scammers act as imposters, pretending to be law enforcement, the IRA and other government agencies, tech support, utilities provider, charities, and even interested romance partners.
• Unauthorized transactions: The misuse of ATM or credit cards, unauthorized bank withdrawals, or forging an elder’s signature is considered exploitation. Unfortunately, these type of behaviors are often carried out by people closest to the victim such as family members and caregivers.
• Power of Attorney abuse: This type of exploitation is defined as someone who misuses the legal authority granted by an elder to handle their financial matters, often for their own gain. The person who is given authority over an elder’s affairs does not act in the best interest of the person they should be caring for, instead, they use their authority to take advantage.
• Undue influence: Coercing or manipulating an elder to change their will, deed, or other financial documents can be considered financial exploitation. Convincing an elder to take these actions can leave an elder without financial stability and may terminate the plans they made to pass their earnings or property to a dedicated party after their passing.
• Theft: Theft can happen at any time, to anyone. Elders are not exempt from this type of crime. Directly stealing money, possessions, or property from the elder is an illegal act that causes harm to any victim.
• Unpaid caregiver services: Paid caregivers may not provide services they’re hired for, or may take advantage of an elder, by overcharging for services rendered.

Recognizing the Signs of Financial Exploitation

Being aware of the signs of financial exploitation is crucial to protecting seniors. Though sometimes this type of abuse is random, often older Americans are taken advantage of by people they love and trust the most, which can make detecting financial exploitation difficult. Sadly, some of the most common perpetrators include the victim’s family members like children, grandchildren, or other relatives to may be entitled to assets belonging to the elder.

There are many ways to discover and identify fraudulent activity related to an elder’s finances, including: 

• Unusual financial activity: Look for sudden large withdrawals, transfers between accounts, or changes in spending patterns.
• Unpaid bills: If bills remain unpaid despite sufficient funds, or utilities are cut off and collection agencies start reaching out.
• Missing property: Personal belongings, property deeds, or financial statements may disappear.
• Changes in legal documents: Be alert to unexpected changes in wills, power of attorney, or property titles.
• Isolation: The elder may be isolated from friends and family, often at the perpetrator’s behest.

Preventing and Protecting Against Financial Exploitation

World Elder Abuse Awareness Day is dedicated to the prevention of elder abuse. A key component of prevention is education about how elder abuse may be prevented and the ways to report suspicion of abusive and illegal activity. There are some key safeguards to protecting the financial well-being of older adults which may be accomplished through self-education, however, there are a number of local resources available to help any senior and their family protect themselves from financial exploitation.

• Education: Educate elders and their families about the risks and signs of financial exploitation. Often police departments, citizens centers, and senior housing organizations provide educational seminars or casual lessons geared to this very topic. Experts will help to guide seniors through a variety of examples and experiences geared to educate older adults in the variety of ways financial exploitation could happen to them.
• Financial safeguards: Set up automatic bill payments, direct deposits, and regularly monitor bank statements.
• Legal protections: Durable powers of attorney and trusts are wonderful resources to protect seniors, as long as they are set up with trusted individuals or institutions. Attorneys and estate planners are other resources who can help to ensure legal protections are properly in place.
• Reporting mechanisms: Know how and where to report suspected financial abuse, including local Adult Protective Services (APS), law enforcement, or financial institutions.

Financial exploitation of elders is a serious issue that requires our collective attention and action. By educating ourselves, implementing protective measures, and being vigilant for signs of abuse, we can help safeguard the financial health and dignity of our seniors. If you suspect an elder is being financially exploited, take immediate action.